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South Korea FX brokers ranked
Forex trading is both legal and highly regulated in South Korea. The nation places strong emphasis on safeguarding its financial and crypto markets while maintaining a restricted approach towards external investors. Oversight of South Korea Forex brokers falls under the jurisdiction of the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). The FSC shoulders the primary responsibility of overseeing and regulating a spectrum of financial services, including forex trading, while the FSS aids in implementing and enforcing these regulations. With a substantial nominal GDP of 1.7 trillion dollars and a per capita GDP of 33,300 USD, South Korea stands among the world's wealthiest nations. Its robust economy and thriving financial services sector contribute to its global stature. Below, we present the top Forex brokers in South Korea, committed to adhering to FSS regulations and offering optimal trading conditions tailored for Korean FX traders.
South Korean FX traders earning more than 37,000 USD annually are subject to a 20% tax on their profits. Trusted Forex brokers in South Korea align with FSC guidelines on maximum leverage for retail traders. Leverage for major currency pairs is capped at 1:20 for retail investors, while minor and exotic currency pairs are restricted to 1:10. These stringent measures render FX trading costlier in the country, necessitating substantial capital for effective participation in global financial markets. In case of Forex broker insolvency, eligible investors can find solace in South Korea's well-defined compensation policy. The maximum compensation stands at KRW 50 million per account, backed by the Korea Deposit Insurance Corporation (KDIC). South Korea's advanced infrastructure and popularity of financial trading are underscored by its allowance of CFDs (Contracts for Differences) trading for Forex. Overall, the trusted Forex brokers in South Korea operate within a robust regulatory framework, ensuring a secure trading environment for all clients.